Exicure, Inc. reported a net loss of $1.8 million for the first quarter of 2026, a significant decline from a net income of $3.0 million during the same period in 2025. The company's total revenue remained at zero for both quarters, reflecting ongoing challenges in generating income. Operating expenses for the quarter totaled $1.6 million, a stark increase from a negative $2.9 million in the prior year, primarily due to a reduction in gains from lease terminations and a rise in research and development costs, which amounted to $312,000 compared to $808,000 in the previous year.
The financial performance indicates a substantial shift in Exicure's operational strategy. The company has been actively restructuring, leading to a 42% decrease in general and administrative expenses, which fell to $1.3 million from $2.2 million year-over-year. This reduction is attributed to a decrease in full-time employees and professional services as the company seeks to conserve cash. Additionally, the company recognized a loss of $37,000 from the disposal of assets, compared to a loss of $26,000 in the previous year.
Strategically, Exicure has been exploring various alternatives, including potential acquisitions and partnerships. In January 2025, the company acquired GPCR Therapeutics USA Inc., which has since completed a Phase 2 clinical trial focused on blood cancer patients. Exicure plans to make a milestone payment of $1 million to GPCR in the form of common stock in the second quarter of 2026. However, the company also faced challenges, including a legal dispute regarding unpaid rent for its Redwood City facility, which has led to a lawsuit seeking restitution.
As of March 31, 2026, Exicure's cash and cash equivalents stood at $2.6 million, a decrease from $10.4 million a year earlier. The company has expressed substantial doubt about its ability to continue as a going concern without additional financing, which it plans to seek through equity offerings. The management has indicated that the current liquidity may not be sufficient to fund operations for the next 12 months, raising concerns about the company's future viability.
Looking ahead, Exicure's management is focused on restructuring and exploring strategic alternatives to enhance its financial position. The company is also working to regain compliance with Nasdaq listing requirements following a notice of non-compliance due to delayed filings. The outlook remains uncertain as Exicure navigates its financial challenges while attempting to capitalize on its recent acquisitions and ongoing clinical trials.
About EXICURE, INC.
Exicure, Inc. is a biotechnology company focused on developing nucleic acid therapies targeting RNA. It has historically worked on spherical nucleic acid (SNA) technology for therapeutic applications but has shifted to exploring strategic transactions and asset sales. The company owns a patent portfolio, engages in licensing, and seeks growth through acquisitions and partnerships, primarily in Asia, with no current revenue stream or manufacturing operations.
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